Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Macro Nugget: US Real Estate and Interest Rates

Macro Nugget: 3 Charts on US Labour market

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul>
<li>Industrial production in Germany suffered greatly towards the end of Q1.</li>
<li>Meanwhile, the unemployment rate is up &gt;0.5% since the bottom in 2022.</li>
<li>All things considered, we think it’s fair to say that Germany already is in some sort of recession – not a massive or deep one – but a recession.</li>
</ul>


Industrial production in Germany suffered greatly towards the end of Q1.
Meanwhile, the unemployment rate is up &gt;0.5% since the bottom in 2022.
All things considered, we think it’s fair to say that Germany already is in some sort of recession – not a massive or deep one – but a recession.


German Ifo Nugget: Any comfort in the detail?